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| Which of the following most appropriately addresses the Carraway Fund’s allocation to cash? Endowment funds: A. typically have low liquidity needs. Therefore, a 2.0% allocation to cash should be sufficient to cover operating expenses. B. typically have low liquidity needs. Therefore, a 2.0% allocation to cash is excessive. C. often have high liquidity needs. Therefore, a 10% allocation to cash may be necessary to cover operating expenses and unexpected liquidity needs. |